Do Not install any cooler line filter on a 700R4/4L60/4L60E, Bypassing Cooler circuit oil is even worse.
Cooler circuit oil exits the Pump, Flows through the Cooler/s then flows to the Lube Circuit. The Lube Circuit provides oil to the Sprags & Planetary assemblies. Unfortunately the Lube Circuit is very weak on this unit.
If it does make any damaging amount of metal...It's over anyway.
A 700R4 that's in good shape "Run's Clean"